Autonoria 2019: 30 September 2019

Another securitisation transaction from Autonoria, which is a French compartmentalised securitisation fund whose funding strategy is to issue debt securities and/or units, and/or to borrow any sums in order to purchase consumer loan receivables from certain entities of the BNP Paribas Group.

The Issuer will purchase on 27 September 2019 (the Initial Purchase Date) a portfolio comprising auto loan receivables deriving from auto loan agreements and their respective ancillary rights made between the Seller and individuals having the status of consumers domiciled in France. A revolving period is planned until September 2020.

Eligibility criteria (includes): each loan agreement applies to a borrower who is an individual that is deemed to have executed the agreement as a consumer; has a remaining maturity of at least 6 months; is governed by French law; is denominated and payable in Euros; amortises on a monthly basis; paid by automatic direct debit; there are no unpaid or outstanding instalments; at least two instalments have been paid.

The initial portfolio (as at 14 September 2019) consists of 124,122 receivables, all advanced to private individuals, with an average outstanding balance of Eur7,654 and the largest current loan is for Eur135,976. At cut-off, no contracts were in arrears. Vehicle type (by outstanding balance): used 57.86%, new 31.01%, other vehicles 11.13%. The WA seasoning is 20.73 months. Regional concentration (by current balances): Ile de France 14.24%, Rhone-Alpes 12.92%, Occitanie 11.77% and Hauts-de-France 11.66%.

EU Risk Retention: The Seller, as “originator” for the purposes of Article 6(1) of the Securitisation Regulation, and BNP PARIBAS (in its capacity as the “Parent Institution” of the Seller), have jointly undertaken that, for so long as any Note remains outstanding, they will (i) retain on a consolidated basis and on an ongoing basis a material net economic interest in the securitisation of not less than 5% and (ii) at all relevant times comply with the requirements of Article 7(l)(e)(iii) of the Securitisation Regulation by confirming in the investor reports the risk retention of the Seller as contemplated by Article 6(1) of the Securitisation Regulation.

US Risk Retention: The transaction is not intended to involve the retention by a sponsor for purposes of compliance with the final rules promulgated under Section 15G of the Securities Exchange Act of 1934, as amended, but rather it is intended to rely on an exemption provided for in Rule 20 of the U.S. Risk Retention Rules regarding non U.S. transactions.

STS: The securitisation transaction described in the Prospectus is intended to qualify as an STS securitisation within the meaning of Article 18 of the Securitisation Regulation.

Compare/contrast: Autonoria 2014-1, Sapphireone Auto FCT 2019-1